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Singapore 'working' with UN on alleged N. Korea sanctions breach

AFP  |  Singapore 

said today it was "working closely" with the after a leaked draft report said two local firms sold luxury items to in violation of UN sanctions.

The UN report, cited by the BBC, alleges that the two Singaporean companies and other firms in had been supplying luxury goods, including wine and spirits, to until as recently as July 2017, despite the sanctions aimed at forcing to abandon its nuclear weapons programme.

Despite an agreement for a meeting between US and North Korean leader Kim Jong Un, has called on the to maintain sanctions until there is real progress towards scrapping Pyongyang's nuclear weapons programme.

"We note the mention of certain individuals and entities in citing the leaked report from the UN Panel of Experts. is working closely with the UN Panel on these cases," the (MAS) said in a statement sent to AFP on Tuesday.

"Where there is credible information of offences committed by individuals or entities under Singapore law, the Singapore authorities will act expeditiously and undertake investigations."

There was no immediate comment from Singapore's foreign ministry.

MAS, and financial regulator, did not name the companies which the UN report said appear to have used the city's financial system to trade with

But MAS vowed to take "stern action" on local financial institutions violating the sanctions.

Singapore in November last year suspended all trade ties with North Korea.

"With the tightening of UN sanctions against the DPRK, MAS has stepped up its supervision of financial institutions to focus on the prohibited DPRK-related activities," MAS said, using North Korea's formal name.

"MAS is making a series of onsite supervisory visits to banks that have been identified through intelligence received or through sweeps by MAS of suspicious transactions."

The central said it and other relevant Singapore agencies have been in "close contact" with the UN and other foreign authorities to help enforce the sanctions.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 15:30 IST